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Friday, July 29, 2022

Wake-Up Call: Economy Shrinks Raising Recession Fears


The U.S. economy shrank for a second straight quarter from April to June, with the Commerce Department reporting Thursday that the gross domestic product fell at a 0.9 percent annual pace after dropping 1.6 percent from January to March, raising fears that the country may be headed toward a recession. The GDP has been falling as consumers and businesses have been dealing with high inflation, as well as higher loan costs as the Fed has been raising rates to try to tame inflation, attempting to do so without triggering a recession. Consecutive quarters of falling GDP is an informal indicator of a recession, but AP reports that Fed Chair Jerome Powell and many economists have said that while the economy is showing some weakening, they doubt it’s in recession, at least not yet, with many pointing to the still-robust labor market. President Biden pushed that message yesterday, saying, "Both Chairman Powell and many of the significant banking personnel and economists say we’re not in recession."

 
➤RUSSIA LAUNCHES MISSILE ATTACK ON UKRAINIAN CAPITAL REGION FOR FIRST TIME IN WEEKS: Russian forces carried out a missile attack on the region of the Ukrainian capital of Kyiv for the first time in weeks Thursday, launching six missiles. A military unit in the village of Liutizh on the outskirts of Kyiv was hit, while Ukrainian forces shot down one of the missiles in the town of Bucha. Fifteen people were wounded. The Russians also fired missiles into the northern territory of Chernihiv, which hadn't been targeted in weeks. Meanwhile, Ukrainian officials announced a counteroffensive to take back the occupied Kherson region in southern Ukraine. Ukrainian media quoted presidential adviser Oleksiy Arestovich as saying the operation to liberate Kherson is underway.


➤AT LEAST 15 KILLED BY FLOODING IN KENTUCKY: At least 15 people were killed in Kentucky Thursday by flooding in Appalachia caused by torrential rains over the past few days. Eastern Kentucky and parts of western Virginia and southern Western Virginia were affected by the extensive flooding, and the region is bracing for more rain. Kentucky Governor Andy Beshear deployed National Guard troops to the hardest-hit areas, and three parks in the region were opened as shelters for displaced people. Beshear said Thursday, "In a word, this event is devastating. And I do believe it will end up being one of the most significant, deadly floods that we have had in Kentucky in at least a very long time."


🛫JETBLUE BUYING SPIRIT AIRLINES FOR $3.8 BILLION: JetBlue is buying Spirt Airlines for $3.8 billion in a deal announced yesterday after a bidding war that began in April, and one day after Spirit's attempt to merge with fellow low-cost carrier Frontier Airlines fell apart. A combined JetBlue and Spirit would become the fifth-largest U.S. airline, behind leaders American, United, Delta and Southwest. The merger must pass the scrutiny of the Justice Department's antitrust regulators. AP reports that JetBlue argues that its reputation for lowering fares, and the size of a JetBlue-Spirit combined airline, could force bigger carriers to cut prices. JetBlue has also volunteered to give up Spirit gates and takeoff and landing slots at airports in New York and Boston that could be given to smaller low-cost airlines, which would increase competition.

💸TONIGHT'S MEGA MILLIONS JACKPOT UP TO $1.1 BILLION, THIRD LARGEST: The jackpot for tonight's Mega Millions drawing rose to an estimated $1.1 billion yesterday, the third largest ever, behind $1.5 billion jackpots won in 2018 and 2016. Most winners take the cash option, however, which would be $648.2 million instead of the 29-year annuity for the bigger total. Tickets cost $2, and if you want to give it a try, the odds against winning it all are 1 in 302.5 million. The jackpot has gotten so big because there hasn't been a winner in more than three months.

🍫DARK CHOCOLATE CAN LOWER BLOOD PRESSURE AND MAKE BLOOD VESSELS STRETCHIER:  Dark chocolate might make your blood vessels stretchier...which is a good thing, according to a new study. Researchers from the University of Surrey say dark chocolate, which is high in cocoa, can lower your blood pressure and make your veins and arteries healthier, too. Researchers studied 11 adults, who consumed cocoa or a placebo for two weeks. Those who consumed cocoa experienced health benefits within hours. Other studies have suggested that cocoa can even help lower cholesterol.


🍵STUDY: GREEN TEA CAN IMPROVE GUT HEALTH AND SUGAR LEVELS: Ohio State University researchers studied 40 people who consumed green tea extract gummies for 28 days. 19 of the participants experienced conditions like high blood pressure, high blood sugar, and excess belly fat. Those who took the gummies saw reduced blood sugar levels and reduced gut inflammation. Coauthor of the study Dr. Joanna Hodges suggests that future studies should look at dosages of green tea and benefits on other conditions.


➤BIDEN'S GRANDDAUGHTER TO BE MARRIED AT THE WHITE HOUSE: President Biden's granddaughter Naomi Biden announced yesterday that she will be getting married on the White House's South Lawn in November. It had been announced in April that the wedding reception would be at the White House, but Naomi revealed yesterday that the wedding ceremony will now be there too. She tweeted yesterday, "we have finally figured out where the ceremony will be...and much to the relief of secret service and with the dogs' endorsement...we'll be getting married on the South Lawn!" The 28-year-old Naomi is a Washington, D.C.-based attorney, and her finance, 24-year-old Peter Neal, graduated from law school this spring. They became engaged last September. Naomi is the daughter of Biden's son Hunter Biden and ex-wife Kathleen Buhle.

🏀RUSSIA SAYS POSSIBLE GRINER PRISONER SWAP MUST BE NEGOTIATED QUIETLY: One day after Secretary of State Antony Blinken said the U.S. has offered a deal to bring WNBA star Brittney Griner and another American imprisoned by Russia, Paul Whelan, home, with reports saying the U.S. had offered to swap convicted Russian arms deal Viktor Bout, the Kremlin said such exchanges need to be negotiated quietly. Kremlin spokesman Dmitry Peskov told reporters, "We know that such issues are discussed without any such release of information. Normally, the public learns about it when the agreements are already implemented." Peskov also said, "no agreements have been finalized," and wouldn't give further details.

🏈COMMANDERS OWNER SNYDER TESTFIES BEFORE HOUSE COMMITTEE: Washington Commanders owner Dan Snyder testified yesterday before a House committee investigating the NFL team’s history of workplace misconduct. The deposition was conducted privately via Zoom, with Snyder appearing from Israel for more than 10 hours. A Snyder spokesperson said in a statement, "Mr. Snyder fully addressed all questions about workplace misconduct, described the Commanders’ dramatic two-year transformation and expressed hope for the organization’s bright future." The House Committee on Oversight launched the investigation last year after the NFL fined Washington $10 million following its review of workplace misconduct, but didn't release the findings.

⚾MARLINS PITCHER CASTANO HIT IN HEAD BY LINE DRIVE: Miami Marlins pitcher Daniel Castano was hit in the forehead by a 104 mph line drive hit by the Cincinnati Reds' Donovan Solano in the first inning of the Marlins' 7-6 win yesterday. The Marlins said Castano had mild concussion symptoms and was bruised, but a CT scan was normal. After falling to his knees, Castano rose to his feet about 90 seconds later and left the field under his own power.


🏈REPORT: METCALF AGREES TO THREE-YEAR, $72 MILLION EXTENSION WITH SEAHAWKS: Star wide receiver DK Metcalf has agreed to a three-year, $72 million extension with the Seattle Seahawks, ESPN reported Thursday (July 28th). The deal reportedly includes $58.2 million in guarantees, including a $30 million signing bonus, the highest ever for a wide receiver. The 24-year-old Metcalf had one year and just under $4 million left on his rookie contract, and is now signed through 2025.





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